Local Agents Facilitate Long-Distance Foreclosure Purchases

Sitting in a reclining chair near the pool by his new Las Vegas vacation condominium, Arthur Korman, a real estate investor, recently shared his long-distance foreclosure tale: how, last year, he bought a bank-owned REO for a 50 percent discount and now only pays $320 a month for his mortgage.

Last year, during the Labor Day weekend, Korman jumped on an American Airlines plane, flew from Tulsa, Okla., to Las Vegas.. Hoping to snag a foreclosure property, he packed his laptop computer. Once in Vegas, the American Airlines employee headed to Henderson, Nev., searching for a condo on a golf course. He logged onto RealtyTrac and contacted a local real estate agent. Within minutes, he had found four properties he was interested in, and by noon he had made an offer on a bank-owned condo.

“I called a local Realtor and looked at all four properties,” he said, recalling the long-distance buying experience. “The same day I put in an offer on a condo. It was so smooth.”

Four weeks later, Korman owned a new condo in Henderson.

“Here’s the great thing about it,” continued Korman. “I came in low and the bank took it. A couple of years ago, the condo sold for $211,000. I picked it up for 58 percent below that. I paid $92,000. It’s great. It’s a turnkey operation. It has new granite countertops, new appliances, and I can look out of my window and I see palm trees and the golf course.”

He said the condo has two bedrooms, two bathrooms and about 1,100 square feet of living space. In his spare time, Korman builds homes in Tulsa, and he said: “It’s hard for me to build a home for what I paid in Vegas. And Nevada has no state income tax.”

Asked about his plans for the future, Korman added: “Eventually, when I retire, I want to use the Vegas condo as my principal residence.” Now he’s considering buying property in Florida

“I only pay $320 a month for my new condo,” he added. “Right now is the perfect opportunity to buy a second home. It’s definitely a buyers market. Interest rates are so low right now. You can’t pass this up.”

Another foreclosure buyer, Susan Tripp of La Mirada, Calif., helped her firefighter son, who was transferring from Indiana, purchase a foreclosure in Southern California.

“In my searching, I came across RealtyTrac.com and signed up and contacted the recommended Realtor, Vickie Lobo,” said Tripp “Within a few days, we were able to narrow our search to foreclosures within our targeted school district. A day later, I was being shown these homes by Vickie and made an offer on a tremendous property.”

Tripp bought a two-story home, with 2,000 square feet of living space, located on cul-de-sac in Rancho Cucamonga, Calif.

“Although bidding for a home that you want is nerve wracking, our experience was an enjoyable one due to the high level of service, professionalism and daily communication provided by Vickie Lobo and her office support team. I have recommended RealtyTrac and our agent to many others.”

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